First Mexican Shares for Debt

TSX-V Trading Symbol: FMG

VANCOUVER, Dec. 17, 2012 /CNW/ - First Mexican Gold Corp. (the `Company` or `FMG`) (TSX-V: FMG, Frankfurt: 21M) reports that it has agreed to convert some debt to shares and has issued 1,428,571 common shares at .07 cents with no warrant in lieu of $100,000.00 in debt.

Mr. Michel Roy has resigned as a director of First Mexican Gold to concentrate fully on his Exploration/Milling consulting business based in Torreon, Mexico. We thank Michel for his assistance throughout the years and wish him continued success in the future.

First Mexican Gold Corp is an active explorer for precious metals in Mexico.

On behalf of the Board of Directors,

Jim Voisin
President & CEO
First Mexican Gold Corp.
519 699 5352

We seek safe harbour.

This news release includes certain forward-looking statements or information.  All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Guadalupe property and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties.  There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.  Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators.  The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

SOURCE: First Mexican Gold Corp.

Vancouver Head Office
#1000, 355 Burrard Street Vancouver, B.C. V6C 2G8 Canada
Phone:  [phone]
Website: www.fmgoldcorp.com